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ENVIROMINT COMMENCES TENDER OFFER TO ACQUIRE FOR CASH ALL OUTSTANDING SHARES OF HOME-STAKE COMPANIES

 DALLAS, April 1 /PRNewswire/ -? EnvirOmint Holdings Inc. (OTC Bulletin Board: ENVM) announced today it has filed a Schedule 14D-1 with the Securities and Exchange Commission to purchase for cash all of the outstanding shares of The Home-Stake Oil & Gas Co. ("Oil&Gas") and The Home-Stake Royalty Corp. ("Royalty"), collectively known as "Home-Stake Entities." The offer is being made by Home-Stake Acquisition Corp., a Delaware corporation formed by EnvirOmint Holdings Inc. and International Insurance Industries Inc.
 The offer being made by Home-Stake Acquisition to shareholders of Royalty is $268.82 net per share. The offer being made by Home-Stake Acquisition to Shareholders of Oil&Gas is $147.85 net per share. The offer will expire at 5 p.m., New York City time, on Friday, April 30, 1993, unless the offer is extended.
 EnvirOmint and International Insurance recently entered into an agreement to form a business combination between themselves for the purpose of acquiring the Home-Stake Entities. Home-Stake Acquisition Corp. was formed as a wholly owned subsidiary of EnvirOmint Holdings Inc. International Insurance has agreed to finance Home-Stake Acquisition Corp. with a loan of approximately $18 million to be used to purchase all outstanding shares of the Home-Stake Entities owned by persons other than EnvirOmint and the Home-Stake Entities.
 The offer is conditioned upon, among other things, that (a) All outstanding shares of Home-Stake Entities not owned by EnvirOmint Holdings are tendered; (b) The board of directors of the Home-Stake Entities approve the offer and rescind all anti-takeover provisions set forth in their corporate filings; (c) Definitive loan and management agreements be signed between EnvirOmint and International Insurance.
 EnvirOmint currently owns 12,747, or approximately 18 percent, of the 69,808 outstanding shares of Royalty, and 20,820, or approximately 23 percent, of the 89,509 outstanding shares of Oil&Gas. Oil&Gas currently owns 11,963, or approximately 17 percent of the Royalty shares, and Royalty currently owns 28,640, or approximately 32 percent, of Oil&Gas. Certain of these shares are the subject of litigation between EnvirOmint and the Home-Stake Entities.
 In addition to its interests in the Home-Stake Entities, EnvirOmint designs, builds and operates the EnvirOmint Can-Pactor, a patented reverse vending machine which crushes aluminum cans and dispenses cash along with a manufacturer's or merchants coupon. EnvirOmint, through two subsidiaries, is also engaged in the business of constructing and operating Texaco Express Lube Centers in the Dallas/Fort Worth area.
 -0- 4/1/93
 /CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for EnvirOmint Holdings/
 (ENVM)


CO: EnvirOmint Holdings Inc.; Home-Stake Oil & Gas Co.; Home-Stake
 Royalty Corp. ST: Texas IN: ENV SU:


LS-KJ -- LA004 -- 1902 04/01/93 09:32 EST
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Publication:PR Newswire
Date:Apr 1, 1993
Words:444
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